Confie Seguros launches $590 million term B at Libor plus 425-450 bps

By Sara Rosenberg

New York, Sept. 21 – Confie Seguros Holding II Co. launched on Wednesday its $590 million 5.5-year term loan B (B) with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan B has 101 soft call protection for six months and a financial maintenance covenant, the source said.

RBC Capital Markets LLC, Antares, Goldman Sachs Bank USA and Barclays are the joint lead arrangers on the deal.

Commitments are due on Sept. 30.

Proceeds will be used to refinance in full the company’s existing first- and second-lien term loans.

Other funds for the transaction will come from $350 million in six-year unsecured notes that will launch with a roadshow early next week and will price at the end of the week.

Confie Seguros, an ABRY Partners portfolio company, is a Buena Park, Calif.-based personal lines insurance broker.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.